July 22, 2022 // All Resources // Personal Finance
In a world with billions of people in it, there’s no one else quite like you. It’s more critical than ever that your identity is protected – but what exactly does that mean, and what should you do to protect your financial future from theft? Let’s start by examining the problem closely.
By definition, identity theft is when someone takes another individual’s personal information and uses it for their own gain without permission. As our financial fingerprints become increasingly important to day-to-day life, the risk of theft of these personal details grows: 47% of Americans experienced some form of financial identity theft in 2020, while nine in 10 encountered a fraud attempt in the previous year1. But what data is at risk and why?
Thieves can use your information to:
There are many different types of identity theft, and while there is no way to protect yourself perfectly, there are ways that you and the companies you do business with can better safeguard your data.
What kind of information is important to protect? Generally, you’ll want to keep an eye on anything about you or your household that’s personally identifiable, such as account numbers, logins, and any other information a person could use to pretend to be you. Below are some ways thieves can access and use these details, and tips on how to avoid them.
Along with staying alert against risks, one of the best things you can do to protect yourself from identity theft is to use companies you know and trust to conduct your personal financial business. At AAA Life, we care about your data like you do. That’s why we only ask the questions we need to, to be sure we’re working with the real you (and your real beneficiary if a claim is made on your policy.
You can also employ third-party services to help keep an eye on your credit and more.
There’s no way to completely prevent identity theft, so what should you do if it happens to you? That depends on what type of identity theft you’ve experienced.
If your credit card or bank account is compromised, alert your financial institution immediately and they can help cancel or lock any compromised cards and accounts to prevent further theft.
Identity theft is a crime and should be reported to the Federal Trade Commission (FTC). Visit identitytheft.gov to file a report and read more about the steps you can take depending on what type of fraud or theft has occurred.
It may sound intimidating, but by staying vigilant and acting quickly in the event of a breach you can help protect your financial future from identity theft.
1Bekker, Eugene. What are your odds of getting your identity stolen? Identity Force. April 15, 2021.
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